Every investor should be asking their portfolio companies what succession plans they have to replace their CEOs in the event of a tragedy like that which befell Micron Technology CEO Steve Appleton last week. Because unfortunately, many companies don't have any plan at all.

It's great fun to see big-shot CEOs get out of their corner offices on the TV hit, Undercover Boss. But it would be even more fun to see America's true corporate titans on the show. We imagine undercover assignments for Steve Jobs, Warren Buffett, BP's Bob Dudley and others.